GOVERNMENT EXPENDITURE AND ECONOMIC GROWTH IN NIGERIA (1981 - 2015)
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ABSTRACT
This study examined government expenditure and Nigeria’s economic growth within the sample period of 1981-2015. The data for this research work (Gross Domestic Product, government recurrent expenditure and government capital expenditure) was obtained from the CBN Statistical Bulletin (2015) and analysed using ordinary least squares (OLS) technique. Gross domestic product was regressed against government recurrent expenditure and government capital expenditure. Certain econometrics tests were conducted such as Unit Root test, Cointegration test, and Vector Error Correction Model. The result showed that government expenditure had negative effect on economic growth of Nigeria for the period under review. The unit root test indicates that all the variables were stationary at first differencing. The Cointegration test revealed that the variables had a long run relationship with economic growth of Nigeria within the sample period this necessitated the application of Vector Erroe Correction Model, which revealed that government expenditure was statistically significant. Also the R2 was 0.67, showed that 67% of the changes in GDP was caused by changes in the explanatory variables. The f-statistics was statistically significant meaning that the explanatory variables had joint influence on GDP. The Durbin-Watson showed that there is no autocorrelation in the series. Based on this finding the research recommends among others that; government should also restructure its various organs of public administration in order to engender efficiency and effectiveness in service delivery in the cause of its spending.
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